FED­ERAL BANK

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I am hold­ing Fed­eral Bank bought at Rs 83, con­sid­er­ing it to be a re­ver­sal. What to do now? - Vib­hav Agar­wal

AV­ER­AGE FED­ERAL BANK ON CLOSE ABOVE RS 74

Fed­eral Bank is cur­rently trad­ing at Rs 71.50. Its 52-week high/low stand at Rs 127.75/Rs 67.05 made on Oc­to­ber 17, 2017 and Oc­to­ber 4, 2018, re­spec­tively. The stock has been trad­ing in a down­ward slop­ing chan­nel pat­tern since the end of Au­gust 2017. Re­cently, the stock took sup­port near its lower chan­nel line and hit a dou­ble bot­tom at Rs 67.05. There­after, the stock has seen grad­ual up­side and has bro­ken its im­me­di­ate re­sis­tance at Rs 74 level. Mean­while, the stock also broke its down­ward slop­ing trend­line break­out within the chan­nel. So, we sug­gest you to av­er­age on close above Rs 74.

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